Avior Capital Markets - Sasol Limited (103M) Sasol | Results arent in

Report

Avior Capital Markets

Wade Napier

Sasol | Results aren't in

Sasol (SOL) has delayed the announcement of its FY '19 results by one-month to 19 September 2019. Having assessed the preliminary findings of a review into Lake Charles Chemicals Project (LCCP) mismanagement, the Board has identified â€œcontrol weaknessesâ€. In the terms of International Standards on Auditing (ISA), SOL notes the role of external auditors is to assess both the accuracy of financial statements as well as to consider the effectiveness of the Group's internal controls. By reiterating its 25 July 2019 trading statement guidance, SOL is adamant that the accuracy of its financial reporting is not in doubt. The external auditors are primarily being given the opportunity to reconsider their opinion of SOL's control structures, not SOL's financial statements. Accordingly, SOL does not expect incremental impairments or financial restatements to be announced at its FY '19 results.

16/08/2019 6 EN

Underlying

Sasol Limited

Sasol is engaged in manufacturing and marketing of liquid fuels, gas and chemicals. Co. adds value to coal, oil and gas reserves, using these feedstocks to produce liquid fuels, fuel components and chemicals. Co. mines coal and refines imported crude oil and retails liquid fuel products in South Africa, and produces gas and condensate in Mozambique and oil in Gabon. Co. also supplies fuels to oil companies in South Africa and others in South Africa and sub-Saharan Africa. Co. maintains its chemical manufacturing and marketing operations worldwide. Co. divides its operations into three focused business clusters: South African Energy Cluster, International Energy Cluster and Chemical Cluster.

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ZAE000006896 Johannesburg Stock Exchange South Africa

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Avior Capital Markets

Avior is a globally recognised capital markets research and trading firm, with the broadest research coverage within the region, with 100+ SA and 20+ SSA companies under coverage. Avior services clients from offices in London, Cape Town and Johannesburg.

Our research quality is consistently recognised in local and global surveys, with 18 analysts currently rated in their respective sectors (FM 2017). Value add through in-depth, innovative, high quality and consistent research with comprehensive underlying fundamental modelling supported by regular analyst and roadshow interactions.

Avior has proven that by working closely with our clients we can mutually develop dominant positions in certain sectors, going from strength to strength. Avior has a dedicated ESG team, having been ranked #1 in Corporate Governance research since 2008.

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Analysts

Wade Napier

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